London — Oil prices recovered a little on Friday after dropping to their lowest in more than three months, pressured by heavy oversupply despite oil cartel Opec-led production cuts. Brent crude oil was up 15c at $52.34 a barrel by 9am GMT, after falling 1.7% on Thursday and 5% the day before in its biggest percentage decline in a year. US crude oil was up 15c at $49.43 a barrel. It fell below $50 on Thursday for the first since December. US crude is on track for a drop of more than 7% this week, its biggest weekly fall for five months. Market confidence failed after news of another big rise in US crude inventories that have built steadily as US oil production has risen this year. In November, Opec and other exporters, including Russia, agreed to cut output by about 1.8-million barrels per day (bpd) in the first half of this year, but so far it has had little effect on inventory levels. "Steep price falls in the last two days amid building US inventories show that the market remains ...
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